If you and your spouse own property outside of the United States ”“ a condo in Europe, or beach house in South America ”“ then when it comes time to get divorced, you will likely face a complicated situation in terms of property division. Because the property is in another country, Colorado courts don’t have jurisdiction over that property. However, this does not mean that the property’s value cannot be split.
If the value of the property has been established, then the courts can still consider that value when devising a plan for equitable property division. Say you own a $150,000 home in London and have $400,000 worth of assets in domestic property. The courts may use that $150,000 in the final property judgment by awarding the party that loses the foreign property a greater share of the domestic assets.
Colorado courts can also order one party to sell or liquidate foreign property under penalty of contempt of court if the order is ignored.
Additionally, depending on what country the property is in, the foreign government may have policies in place that allow them to help enforce a U.S. court order. However, that is outside of the realm of U.S. family law and would have to be dealt with accordingly.
In some situations, though, the court may devise simply that it has no power over the foreign property. It is unusual, but it has happened before.
Contact a Colorado Property Distribution Lawyer Now
Any issues or concerns you have related the to equitable division of marital property in divorce should be discussed with an experienced family law attorney. Call the professional legal team at Divorce Matters today!